Real Estate Professional Survey Reveals Pricing Shifts

NAR's semiannual Realtor Profile Survey, published April 18, showed 61% of brokers reported reducing list-price expectations during initial seller consultations in the first quarter, the highest reading in eight years. The result marks a meaningful shift from the 34% recorded in 2022 and the 42% in 2024.

The survey, based on 14,200 responses from NAR member agents across 50 states, queries brokers about current practice and client interactions. Jessica Lautz, deputy chief economist at NAR, said the data "reflects the reality that seller expectations were shaped by the 2021-2022 environment, and agents are now helping clients recalibrate to current conditions."

Agents reported that typical sellers entered the listing process with initial price expectations 6 to 12% above what comparable properties have been closing at. The survey noted 53% of agents said they present buyers' perspective data including recent price reductions and off-market activity during their listing consultations.

The pattern has varied by market type. In coastal California, New York City, and Boston metros, 72% of agents reported reducing seller expectations. In the Midwest and Rust Belt, only 38% of agents reported similar conversations, reflecting the relatively stronger price environment. Sun Belt agents fell in between, with 54% reporting reduced expectations.

The survey also examined agent concessions and commission negotiations following the 2024 NAR litigation settlement. Sixty-eight percent of agents reported having entered written buyer representation agreements with all buyers in Q1, up from 52% at the end of 2024. The shift reflects both the settlement-mandated practice changes and MLS rule updates implemented in August 2024.

Average commission structures have shifted modestly. NAR's survey showed that 59% of listing agreements in Q1 included cooperative commission offerings to buyer-agents at 2.5% or less, compared with 31% in 2023. The 3.0% traditional buyer-agent commission remained in use but increasingly represents the upper bound rather than the standard.

Agent income has trended downward. NAR reported median gross income for its members at $46,000 in 2025, down from $56,800 in 2022. The decline reflects reduced transaction volume and narrower commission rates. Agents in their first two years of practice particularly struggled, with 38% of newer agents reporting income below $30,000 annually.

Agent counts have also declined. NAR membership fell to 1.42 million at the end of 2025 from the 1.59 million peak in 2022. Industry turnover has been concentrated among newer agents who entered during the pandemic-era transaction boom. The National Association of Real Estate Licensees reported that 22% of active licensees did not complete any transactions in 2025.

The survey also flagged technology-adoption patterns. Seventy-four percent of respondents reported using artificial intelligence tools in daily practice, up from 48% in 2024. Listing-description generation, client communication drafting, and comparative market analysis automation remained the most common use cases. Investment in technology training was a priority area for 58% of respondents in 2026, up from 39% two years earlier.